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Bitcoin Mining Stocks Rise Despite Banking Crisis

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 Bitcoin Mining Stocks Rise Despite Banking Crisis


When the U.S. government intervened late Sunday to protect all depositors at collapsed institutions Silicon Valley Bank (SVB) and Signature Bank, Cipher Mining (CIFR), Hut 8 (HUT), and Stronghold Digital (SDIG) are among the cryptocurrency miners experiencing the highest gains in Monday trading. 

The miners are following bitcoin (BTC), which has increased by 17% to $24,100 during the last day.

Uncertainty surrounds the scope of the mining industry's exposure to the crypto-friendly Signature Bank. The now-closed lender's $142 million in deposits were still available, according to Marathon Digital Holdings (MARA), which announced this on Monday. On Monday, CleanSpark (CLSK), Bitfarms (BITF), and Argo Blockchain (ARBK) declared that they have no exposure to either Silvergate or SVB or Signature, the other two bank failures. 

Yet, according to the company, an Argo subsidiary does have operating cash in Signature deposits.

Article Credit: Coindesk

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